2025-05-22-Bernstein-阿拉米斯集团（ARAMI）_阿拉米斯（Aramis）尼斯会议——走上多年增长轨道_10页_366kb

Summary of Aramis Group Conference Feedback and Analysis

Key Highlights

• Conference Participation: Aramis Group was represented at the Nice conference on May 21, 2025, by CEO Guillaume Paoli and CFO Fabien Geerolf, discussing strong growth and performance.
• Current Performance: The company achieved an average 14% overperformance in its European used car markets over the past four years, with 12% growth in the first half of 2025. Net Promoter Score (NPS) exceeds 70, reflecting strong customer value.
• Growth Potential: Long-term targets include reaching €10 billion revenue by 2027, driven by geographic expansion into regions like Germany, Netherlands, Poland, and Scandinavia. This could capture approximately 5% of the €200 billion used car market (vehicles under 8 years old).
• Financial Metrics: Current share price is €7.90 (closing on May 20, 2025), with a target price of €13.40. EBITDA expected to grow from €50.49 million to €114.22 million by 2026, supported by margin improvements through operational efficiency, cost reductions, and revenue growth.
• Analyst Recommendation: "Outperform" rating with a €13.40 target price, based on solid execution in a large, fragmented market.
• Risks: Potential competition from entities like Auto1/Autohero, increased marketing spend risks, and challenges in sourcing and inventory management affecting EBITDA margin improvement.

Overall Assessment

Aramis Group demonstrates strong growth momentum and financial potential, with risks primarily from competitive pressures and operational scalability.